How will my eligibility for financial aid be determined?
Your financial aid eligibility is determined by subtracting your family’s ability to pay for your educational expenses for the year (your EFC on your FAFSA) from your cost of attendance (including tuition, fees, room, board, books, transportation, and personal expenses).
Cost of Attendance - EFC = Financial Need
What is a financial aid package?
Your financial aid package is the summary of your financial aid awards. First time students will receive two paper copies along with other important information. The billable costs (tuition, room and board, and fees) should be considered when reviewing the awards.
Will my financial aid vary from year to year?
Most likely, yes. As your/your parent’s information changes each year, your family’s expected contribution (EFC) may change. You need to reapply each fall with the latest FAFSA.
We have had a drastic change in our family circumstances. Can you help?
If you have special circumstances that are not addressed on the FAFSA (for example, lost or reduced salaries, unemployment, unusually high medical or dental expenses, death of a family member), please Speak to a Financial Aid Counselor about alternative options. We will review the change(s) in your circumstance and if funds are available, send a revised award letter.
When do I, as a parent, apply for a Federal PLUS loan?
We ask that you apply no earlier than June 15. We process our federal student loans, including PLUS, after July 10 of each award year. This is to assist you with securing the lowest possible interest rates, as they change each July 1. You may apply online for your Federal Direct PLUS loan at www.studentloans.gov. This is a secure website and a good source for all federal loan information. Please review our Direct Loan Step by Step information sheet. You may also contact StudentLoans.gov at 1-800-557-7394 if you have specific questions or a problem with the site. A new Direct PLUS Loan application is required every year you wish to utilize this loan option.
What is the current interest rate on my government loan?
The current interest rates for loans processed after July 1, 2017 for the 2018-2019 academic year are as follows:
|Loan Type||Interest Rate|
|Direct Subsidized Loans (Undergraduate)||4.45%|
|Direct Unsubsidized Loans (Undergraduate)||4.45%|
|Direct Unsubsidized Loans (Graduate or Professional Students)||6.00%|
|Direct PLUS Loans (Parents and Graduate or Professional Students)||7.00%|
What is your school code for the FAFSA?
Our Title IV School Code: 002778
Fill out the FAFSA form online at www.fafsa.ed.gov
NYS TAP Code (Undergraduate): 2110
Early Deadline: December 1
Priority Deadline: February 15
Does the Mount have a Net Price Calculator?
Yes. You may access the calculator at msmc.edu/npc
Contact Student Financial Services: email@example.com